First, your where clause from the first query is missing from the second:
Second, unless you want to replace the entire field, you don't want leading and trailing wild card symbols in your replace statement. I don't know if you can even use wildcard statements in a replace command - it's not used as an example in any Microsoft documentation that I've read and a few google searches didn't yield anything:
UPDATE [myDB].[dbo].[content]
SET content_html=REPLACE(CONVERT(VARCHAR(MAX), content_html),'<images>%<img src=''/'' alt=''''>%</img>%</images>','<images></images>')
where content_html like '%<images>%<img src=''/'' alt=''''>%</img>%</images>%'
EDIT:
A REALLY easy way to test this would be:
SELECT content_html as [Original], REPLACE(CONVERT(VARCHAR(MAX), content_html),'%<images>%<img src=''/'' alt=''''>%</img>%</images>%','<images></images>') as [Replaced]
FROM YourTable
WHERE content_html like '%<images>%<img src=''/'' alt=''''>%</img>%</images>%'
This query will give you the original value - and the replaced value that you're creating - and only on records that match your like expression. If the two columns are different, it works. If they're the same, it doesn't and you'll need to use other code to accomplish the desired results.
FINAL EDIT:
I tested this an REPLACE only works on literal strings. Your wildcards will not work in your replace function and you will need either very complex SQL - or application code to achieve your goal. The app route is exponentially better, so do that! Best of luck!